P&I: Further increase in profitability

3.6 per cent sales growth / EBIT margin: 22.7 per cent

Wiesbaden, (PresseBox) - P&I Personal & Informatik AG recorded an increase in sales when compared to the previous year of 3.6 per cent to 34.6 million euros during the first half-year of fiscal 2011/2012 (April 1, 2011 to September 30, 2011). The result before taxes and interest (EBIT), which grew to 7.8 million euros, corresponds to an EBIT margin of 22.7 per cent and this means that an increase of virtually 10 per cent was recorded when compared to the previous year. The operating result before depreciations (EBITDA) amounted to 8.8 million euros. The P&I Group is pleased to announce a result of 5.8 million euros after tax (EAT) and the Group also employed an average of 331 employees (FTE).

"We started the new fiscal year with a satisfactory first quarter and we have built on this during the second quarter", declared Vasilios Triadis, Chairman of the Board of Directors of P&I. "The present level of incoming orders tells us that we will once again be presenting a prosperous annual financial statement. We are particularly pleased with the positive development of our EBIT margin. The quality offensive that we implemented for our software products and our services is really paying off."

The licensing business grew by 6 per cent to 9.2 million euros during the first half-year when compared to the previous year and this represents a 27 per cent share of total Group sales.

The maintenance business has developed as planned and revenue amounted to 14.3 million euros (previous year: 12.9 million euros). 41 per cent of the P&I Group's sales were generated by the recurring maintenance business.

The consulting business sector recorded a slight decline in sales of 0.8 million euros to 10.0 million euros as compared to the comparable period during the previous year, but sales recorded during the first half-year of the previous year were actually higher than normal due to a special item resulting from the completion and invoicing of a major fixed-price project. 29 per cent of the overall P&I Group sales were generated from this business sector.

P&I realised domestic sales of 27.9 million euros (previous year: 26.0 million euros), which represents 81 per cent of total sales. International sales dipped slightly to 6.7 million euros (previous year: 7.4 million euros).

As the cost increases turned out to be only 0.5 million euros when compared to the previous year, an increase in the operating result has been recorded as a direct result of the growth in sales. This represents an increase of 0.7 million euros to 7.8 million euros when compared to the previous year's result.

All in all, P&I can restate its forecasts for fiscal 2011/2012: We should see a slight growth in sales as compared to the previous reporting year and the Group's EBIT margin should remain at the high level that was realised during the previous 2010/2011 fiscal year.

P&I Personal & Informatik AG

Almost 400 people - contributing their knowledge, their high level of dedication and passion - make P&I the premium supplier of integrated software solutions for human resources management. Regardless of whether it is payroll, web-based personnel management or time management: the HR software of P&I AG is cutting edge - with regard to technological as well as functional attributes. In the meantime, the P&I LOGA payroll accounting software is now utilised in thirteen European countries. With the P&I TIME product, P&I now has a platform-independent and flexibly adaptable standard software application for time management and is thus positioning an attractive stand-alone product in the premium segment. Services such as implementation, consulting, training and HR outsourcing additionally round off the range of services that P&I offers.

P&I serves its customers through 6 branch offices in Germany and another 7 offices in other European countries, guaranteeing those customers reliability and investment protection by means of its large investments in product research and development. Leading international HR service providers as well as computer centres rely on P&I as a product supplier, and over 3,000 direct customers successfully process their HR business using P&I solutions. They all place their trust in the high level of expertise that P&I AG has in the meantime amassed in the course of its more than 40 years of presence in the market. P&I offers human resource management from one single source, providing solutions that ensure its customers are well-prepared for the future. P&I is stock exchange listed in the Prime Standard segment of the Frankfurt Stock Exchange; in the business year 2009/2010 it achieved a turnover of 69.1 million euros.

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